Aizawl: Mizoram Chief Minister Zoramthanga on Thursday presented the annual budget of the state for the financial year 2022-2023 with a total outlay of Rs. 14,008.15 crore, which is Rs 2,859.26 crore higher than the budget estimate of 2021-2022.
The chief minister also presented supplementary demands for grants for the financial year 2021-2022 amounting to Rs 6,025.44 crore.
With the government planning to implement the state flagship programme Socio-Economic Development Policy (SEDP), emphasis is laid on the flagship programme by raising the fund allocation by 75 per cent.
There is no proposal for levying new taxes or enhancing tax rates in the new budget.
Presenting the annual budget and supplementary demands, Zoramthanga, who also holds the finance portfolio, said the state is facing a major financial crisis due to continual short release in the share of taxes from the Centre in the preceding years and the non-release of funds amounting to Rs 2,632.58 crore has profoundly impacted the state’s vulnerable economy.
Of the total Rs 14,008.15 crore budget estimate, 28.57 per cent (Rs 4,001.64 cr ) has been earmarked for capital expenditure, while the revenue expenditure accounts for 71.43 per cent (Rs 10,006.51 cr) of the total budget, he said.
The capital expenditure has increased by 107 per cent from the 2021- 2022 budget and the revenue expenditure also increased by 8.57 per cent.
While capital expenditure is meant for the creation of assets for the public, the revenue expenditure covers mainly salaries of government employees, pension expenses, interest payments, power purchase, water supply, purchase of food grains, and district administration, among others.
The chief minister said the state government is constantly taking measures to increase its own revenue from all sectors.
The total project revenue receipt, which includes state’s own tax and non-tax revenue, share of taxes, revenue gap funds and other various grants from the Centre, is projected at Rs 11,426.21 crore, while capital receipts, which include public debts, loans and advances (recoveries), is estimated at Rs 2,581.95 crore, he said.
While the estimated earnings from state’s own tax revenue is Rs. 801.30 crore which is 11.36% increase from the current year’s budget of Rs. 719.56 crore, the state government also trying to achieve Rs 836.43 crore from non-tax revenue, he said.
He said that the target will be achieved not by levying fresh taxes but by more efficient tax collection.
Zoramthanga said he aims to maintain a revenue surplus of Rs 1,419.69 crore as the government will explore all potential avenues for increasing revenue income with the constitution of the Mizoram Resource Mobilisation Committee.
He said that GSDP for 2022-23 is estimated to be Rs. 39,458.50 crore at the current price presenting a growth rate of 16.76% against the current year’s figure of Rs. 33,793.15 crore. The total projected liability is Rs. 12,553.08 crore, he said.
The government also expected to get Rs. 2,646.64 crore under various Centrally Sponsored Schemes (CSS) and another Rs 985.77 crore from other transfers like NLCPR/NESIDS, NEC, state welfare grants, central road funds, among others, he said.
He said the state government would receive Rs. 500 crore for construction of Aizawl by-pass road in the western side of the state capital and Rs. 100 crore for construction of bamboo link road as pilot project under Prime Minister’s Development Initiative for North East (PM-DevINE) scheme.
Zoramthanga set aside Rs. 700 crore for the implementation of Socio-Economic Development Policy (SEDP) for the fiscal 2022-2023 against Rs. 400 crore in the 2021-2022 budget.
He said that the government would fully implement the flagship programme from the new financial year and initially beneficiaries will be paid Rs. 50,000 as first instalment, but the quantum might be more depending on their trades.
Zoramthanga said the state government is making efforts to produce All India Service and Central Service officers and Rs 2.60 crore was allocated for sponsorship of 40 top aspirants for IAS coaching and 100 aspirants for Mega Hybrid coaching.
He said that Rs. 80 lakh was allocated for the newly created Lunglei Municipal Council, which will be functioning very soon.
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